Mahama’s Redenomination Cost Demand, a Proof of Incompetence – Bawumia


Vice Presidential candidate of the New Patriotic Party (NPP), Dr Mahamudu Bawumia has responded to President Mahama’s dare at him, to disclose the 2007 redenomination cost.

During a rally in the Ablekuma North constituency yesterday [Tuesday], President Mahama dared Dr. Bawumia to clarify the public on the cost of the redenomination exercise undertaken when he [Bawumia] was Deputy Governor of the Bank of Ghana.

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Mahama made this request in reaction to Bawumia’s incessant criticism of the President as corrupt and incompetent. In his speech, Mahama accused Dr Bawumia of allow the government not to disclose the amount spent on redenominating the Ghana currency in 2007 since he was the then BoG Deputy Governor. He therefore concluded that Bawumia has no moral authority to point fingers at the him on issues of corruption.

However, Bawumia in response to this in a Facebook post, accused Mahama of incompetence. According to him, the President’s act of requiring the cost of the redenomination of the Cedi is another proof of his incompetence. Including a link to Daily Graphic report in his post, Bawumia indicated that the cost of the redenomination was disclosed by the government in 2007.

He criticised the President of not reading or making efforts to find out important facts on economic issues. He pointed out that although Mahama served as Head of the Economic Management Team while his Veep served as the Bank of Ghana Governor between 2009 and 2012, he still does not know the cost of the 2007 Cedi redenomination. He went on to ask why Mahama never bordered to find out from his Vice if he was unable to find out the cost himself.

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Bawumia described Mahama’s inquiry about the redenomination cost as a “petty propaganda which is beneath the stature of a president”. According to him, the President ended up embarrassing himself by “following the bandwagon of propaganda”.

Bawumia’s Response to Mahama’s Redenomination Cost Dare:

Mr. President, care to read?

Today’s request for disclosure on the 2007 redenomination is another demonstration of incompetence. Apart from the fact that the then Governor disclosed the cost as far back as 2007, if the President really wanted to find out the cost of the redenomination, he could simply have asked his VEEP who was Bank of Ghana Governor, especially when the President was Head of the Economic Management Team between 2009 and 2012.

Such petty propaganda should be beneath someone of the stature of a President. It is clear he is very poorly briefed, but when a President decides to join the bandwagon of propaganda , he only ends up embarrassing himself.

Moving on, can the President (with the same zeal) and his Economic Management Team respond to the 170 statements contained in my last lecture?

2007 Redenomination of Ghana Currency

Redenomination is the process of changing the face value of banknotes or coins used in circulating currency. The Bank of Ghana in 2007 redenominated the cedi by setting 10,000 cedis to one the new Ghana Cedi (GH¢), a move that was aimed at strengthening the local currency.